Core Insights - The number of billion-yuan private equity firms has increased to 96 as of September 30, 2025, up from 91 in August, with three new entrants and two returning firms [1][2] - Quantitative private equity firms have shown strong performance, benefiting from market conditions that favor their strategies, with an average return of 31.90% for 38 firms compared to 24.56% for subjective firms [3][4] Private Equity Firm Composition - Among the 96 billion-yuan private equity firms, 45 are quantitative (46.88%), 42 are subjective (43.75%), 7 are mixed (7.29%), and 2 have undisclosed investment models [2] - A significant trend is the global expansion of these firms, with 65 holding a Hong Kong license, representing 67.71% of the total [2] Performance Metrics - The average return for 62 billion-yuan private equity firms in the first three quarters of 2025 was 28.80%, with 98.39% achieving positive returns [3] - Among the firms with positive returns, 14 exceeded 40%, with notable performers including Reswin Asset, Lingjun Investment, and others [3][4] Strategy Analysis - The core strategy for 74 of the billion-yuan private equity firms is stock strategy (77.08%), followed by multi-asset strategy (12.50%) and bond strategy (6.25%) [2] - Quantitative firms dominate high-return categories, with 24 out of 32 firms achieving returns over 30% [4]

Group 1 - The number of private equity firms managing over 10 billion yuan in A-shares has increased to 96 as of the end of September, up by 5 from the end of August [1] - Among the new entrants, three firms are newly classified as billion-yuan private equity: Zhengying Asset, Kaishi Private Equity, and Taibao Zhiyuan (Shanghai) Private Equity [1] - The majority of these firms, 45 out of 96, are quantitative private equity firms, accounting for 46.88% of the total [1] Group 2 - The core strategy for 74 of the billion-yuan private equity firms is stock strategy, representing 77.08% of the total [2] - The average return for 62 billion-yuan private equity firms in the first three quarters of the year reached 28.8%, with 61 firms achieving positive returns, resulting in a positive return rate of 98.39% [2] - A significant trend among these firms is the global expansion, with 65 out of 96 holding a Hong Kong license, which constitutes 67.71% [1]